May 6, 2024 - Economy
Charted: ETF flows
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Bitcoin ETFs hit the skids last month as the price of the world's largest digital asset did the herky-jerky.
What's happening: Flows turned negative — last week, the group saw $899 million of outflows, according to Hildebert Moulié's Dune dashboard.
Of note: There is a gray, er, silver lining in that cloud.
- Grayscale Investments' GBTC recently broke its streak of outflows.
- It remains the largest bitcoin ETF with BlackRock's iShares Bitcoin Trust (IBIT) closing in, but still second to GBTC in terms of assets under management.
💠Crystal's thought bubble: It's not the beginning of the end, though some seem to think that a seasonal investment maxim — sell in May and go away — is in play.
- Reality check: Flows move with performance, so if bitcoin continues to post gains, fresh money will likely return too.
